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The Fund employs a passive management (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the MarketVector Iceland Global Index (the Index).

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GlacierShares Nasdaq Iceland ETF

Goldman Sachs analyst James Schneider initiates coverage on ON Semiconductor (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>) with a Neutral rating and announces Price Target of $60.

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Goldman Sachs Initiates Coverage On ON Semiconductor with Neutral Rating, Announces Price Target of $60

RBC Capital analyst Arun Viswanathan maintains Acadian Asset Management (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAMI#NYSE">AAMI</a>) with a Sector Perform and raises the price target from $29 to $34.

AAMI

RBC Capital Maintains Sector Perform on Acadian Asset Management, Raises Price Target to $34

Delta Air Lines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) shares rose in premarket trading Thursday after the Atlanta-based carrier posted stronger-than-expected <a href="https://www.benzinga.com/pressreleases/25/07/n46338489/delta-air-lines-announces-june-quarter-2025-financial-results" target="_blank" rel="noreferrer noopener">second-quarter results</a> and reinstated its full-year 2025 guidance.
Operating revenue for the quarter was $16.65 billion, flat from a year ago but above the <a href="https://www.benzinga.com/earnings">consensus estimate</a> of $16.18 billion. Adjusted operating revenue rose 1% year over year to $15.51 billion.
Delta credited its June-quarter revenue, a 1% year-over-year increase, to continued strength in high-margin segments. Premium cabin sales rose 5%, loyalty revenue climbed 8%, American Express (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>) remuneration increased 10% to $2 billion, while adjusted unit revenue declined 3% amid 4% capacity growth.
Also Read: <a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/07/46204250/airline-stocks-face-flat-q2-but-1-thing-could-lift-them" target="_blank" rel="noreferrer noopener">Airline Stocks Face Flat Q2—But 1 Thing Could Lift Them</a>
Adjusted earnings per share were $2.10, down 11% from the year-ago period but topping expectations of $2.05. The airline&#8217;s adjusted average fuel price fell to $2.26 per gallon, compared with $2.64 last year.
Passenger revenue surged 26% to $13.88 billion, while cargo revenue rose 7% to $212 million. Other revenue declined 2% to $2.57 billion.
Delta reported adjusted operating income of $2.05 billion, down from $2.27 billion a year earlier. Adjusted operating margin narrowed to 13.2% from 14.7%.
Adjusted operating cash flow totaled $1.84 billion, a 25% decline year over year, while free cash flow stood at $733 million.
As of the end of the June quarter, Delta reported adjusted net debt of $16.32 billion, down $1.7 billion from the end of 2024. Total liquidity was $6.4 billion, including $3.1 billion in undrawn revolver capacity.
The passenger load factor declined to 86% from 87% a year ago. Air traffic liability stood at $8.9 billion.
During the quarter, Delta announced new or expanded partnerships with WestJet, LATAM, IndiGo, and Virgin Atlantic, strengthening its global network and international connectivity.
&#8220;As we look to the second half of our centennial year, we remain focused on executing our strategic priorities and managing the levers within our control to deliver strong earnings and cash flow.&nbsp; Reflecting our confidence in the business, we are restoring financial&nbsp;guidance&nbsp;with an expectation for earnings per share of&nbsp;$5.25&nbsp;to&nbsp;$6.25&nbsp;and free cash flow of&nbsp;$3&nbsp;to&nbsp;$4 billion, consistent with our long-term free cash flow targets,&#8221; commented Ed Bastian, Delta&#8217;s chief executive officer.
Delta President Glen Hauenstein noted, &#8220;Through the quarter, demand trends stabilized at levels that are flat to last year and we continued to see resilience in our diverse, high-margin revenue streams.&#8221;
In June, DAL <a target="_blank" href="https://www.benzinga.com/pressreleases/25/06/n46013647/delta-air-lines-declares-quarterly-dividend" rel="noreferrer noopener">announced</a> a 25% increase to its quarterly dividend, raising it to $0.1875 per share. The payout is set for Aug. 21 to shareholders of record as of July 31.
<h2 class="wp-block-heading">2025 Outlook</h2>
Delta reinstated its full-year 2025 guidance, projecting earnings per share of $5.25 to $6.25, compared to the consensus estimate of $5.42. The airline also expects free cash flow of $3 billion to $4 billion.
&#8220;For the September quarter, we expect total revenue to be flat to up 4% compared to the prior year, with unit revenue trends expected to improve through the second half of the year as we continue to adjust capacity and the industry further rationalizes supply,&#8221; commented Glen Hauenstein, Delta&#8217;s president.
<h2 class="wp-block-heading">Third-Quarter 2025 Outlook</h2>
Delta forecasts total revenue to rise 0% to 4% year over year, with an operating margin between 9% and 11%. Adjusted earnings per share are projected to range from $1.25 to $1.75, versus a consensus estimate of $1.34.
Delta expects the September quarter to deliver its strongest non-fuel unit cost performance of the year, with costs projected to remain flat or decline slightly compared to 2024.
Price Action: DAL shares were trading higher by 12.03% to $56.76 premarket at last check Thursday.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/07/46336395/senate-confirms-trump-pick-bryan-bedford-as-faa-chief-even-as-chuck-schumer-warns-he-will-prioritize-profits-over-passenger-safety" target="_blank" rel="noreferrer noopener">Senate Confirms Trump Pick Bryan Bedford As FAA Chief Even As Chuck Schumer Warns He Will Prioritize &#8216;Profits Over Passenger Safety&#8217;</a></li>
</ul>
Photo by Angel DiBilio via Shutterstock

Earnings

Guidance

Movers

Delta Air Lines CEO Confident In Stronger 2025 As Demand Holds Steady

Goldman Sachs analyst James Schneider initiates coverage on Skyworks Solutions (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWKS#NASDAQ">SWKS</a>) with a Sell rating and announces Price Target of $70.

SWKS

Goldman Sachs Initiates Coverage On Skyworks Solutions with Sell Rating, Announces Price Target of $70

Goldman Sachs analyst James Schneider initiates coverage on Analog Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADI#NASDAQ">ADI</a>) with a Buy rating and announces Price Target of $285.

Goldman Sachs Initiates Coverage On Analog Devices with Buy Rating, Announces Price Target of $285

Goldman Sachs analyst James Schneider initiates coverage on Microchip Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) with a Buy rating and announces Price Target of $88.

MCHP

Goldman Sachs Initiates Coverage On Microchip Technology with Buy Rating, Announces Price Target of $88

RBC Capital analyst Arun Viswanathan maintains FMC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FMC#NYSE">FMC</a>) with a Sector Perform and raises the price target from $40 to $47.

RBC Capital Maintains Sector Perform on FMC, Raises Price Target to $47

RBC Capital analyst Arun Viswanathan maintains Corteva (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTVA#NYSE">CTVA</a>) with a Outperform and raises the price target from $74 to $85.

CTVA

RBC Capital Maintains Outperform on Corteva, Raises Price Target to $85

Goldman Sachs analyst James Schneider initiates coverage on Texas Instruments (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>) with a Buy rating and announces Price Target of $225.

Goldman Sachs Initiates Coverage On Texas Instruments with Buy Rating, Announces Price Target of $225

<a href="https://d1io3yog0oux5.cloudfront.net/_cc809716af22826d6b497dbdf8d85863/omegahealthcare/db/2905/27976/pdf/Omega+Healthcare+-+New+Investor+Presentation+-+July+10+2025+v1.pdf" title="https://d1io3yog0oux5.cloudfront.net/_cc809716af22826d6b497dbdf8d85863/omegahealthcare/db/2905/27976/pdf/Omega+Healthcare+-+New+Investor+Presentation+-+July+10+2025+v1.pdf">https://d1io3yog0oux5.cloudfront.net/_cc809716af22826d6b497dbdf8d85863/omegahealthcare/db/2905/27976/pdf/Omega+Healthcare+-+New+Investor+Presentation+-+July+10+2025+v1.pdf</a>

Omega Healthcare Investors Issues 2025 July Investor Presentation

WIIM

K Wave Media shares are trading higher after the company announced it has secured a $1 billion capacity to drive its Bitcoin treasury strategy. Additionally, the company has raised $500 million through a convertible note agreement.

Goldman Sachs analyst James Schneider initiates coverage on Marvell Tech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) with a Neutral rating and announces Price Target of $75.

MRVL

Goldman Sachs Initiates Coverage On Marvell Tech with Neutral Rating, Announces Price Target of $75

DeFi Development Corp. (NASDAQ:<a href="https://www.benzinga.com/stock/DFDV#NASDAQ">DFDV</a>) (the "Company") the first public company with a treasury strategy built to accumulate and compound Solana ("SOL"), announced today the purchase of 153,225 Solana ("SOL") at an average purchase price of $154.85 and valued at approximately $23.72 million. Following this transaction, DeFi Dev Corp. now holds approximately 846,630 SOL and SOL equivalents, including staking rewards, making the Company the largest Solana treasury company, by both total holdings and market capitalization.
The latest purchase was funded, in part, by $9.65 million in net proceeds from the exercise of the greenshoe option tied to the Company's previously announced convertible note offering. Below is a summary of DeFi Dev Corp.'s current SOL position and key per-share metrics as of July 10, 2025:
<ul>
<li>Total SOL &amp; SOL Equivalents Held: 846,630</li>
<li>Total SOL &amp; SOL Equivalents Held (USD): approximately $133.1 million</li>
<li>Total Shares Outstanding: 18,577,134</li>
<li>SOL per Share ("SPS"): 0.0456</li>
<li>SPS (USD): $7.16</li>
</ul>
Shares outstanding are as of July 9, 2025. The most recently purchased SOL will be held long-term and staked to a variety of validators, including DeFi Dev Corp.'s own Solana validators to generate native yield.
The Company will continue to provide suitable updates to our Treasury and underlying strategies, through public releases and regulatory filing(s), as available. &nbsp;

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DFDV

DeFi Dev Corp. Buys 153,225 SOL For ~$23.72M, Bringing Total Holdings To 846,630 SOL

Goldman Sachs analyst James Schneider initiates coverage on ARM Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) with a Neutral rating and announces Price Target of $160.

Goldman Sachs Initiates Coverage On ARM Holdings with Neutral Rating, Announces Price Target of $160

The Cato Institute and the New Civil Liberties Alliance (NCLA) have called on the Federal Circuit to strike down President Donald Trump&#8216;s tariffs, arguing they rely on a statute that does not grant any authority to impose such tariffs.
What Happened:&nbsp;According to briefs filed by the Cato Institute and the NCLA, the International Emergency Economic Powers&nbsp;Act (IEEPA) does not give the president authority to impose tariffs, Reason <a href="https://reason.com/2025/07/09/appeals-court-briefs-say-trumps-tariffs-are-based-on-a-statute-that-does-not-authorize-tariffs-at-all/">reported</a>. They argue that the Constitution grants that power exclusively to Congress.
The CIT's decision in VOS Selections v. Trump concluded that neither set of tariffs—intended to curb drug trafficking and reduce trade deficits—was authorized under the IEEPA. The Trump administration is now challenging the ruling through an appeal.
In two briefs filed on Tuesday, the Cato Institute and NCLA contend that the CIT should have taken a broader stance by declaring that the IEEPA does not authorize tariffs &#8220;at all.&#8221;
The CIT ruling addressed two categories of tariffs: duties on imports from China, Mexico, and Canada, and the &#8220;Liberation Day&#8221; tariffs affecting goods from nearly all nations. In both instances, Trump cited an &#8220;unusual and extraordinary threat&#8221; and declared a &#8220;national emergency&#8221; under the IEEA to justify the measures.
Both Cato and the NCLA maintain that the statute does not grant the president &#8220;an unbounded tariff authority.&#8221; In their Federal Circuit briefs, they argue that the IEAA provides no tariff authority to the president at all. &#8220;The Constitution vests the power to impose tariffs solely in Congress,&#8221; the Cato brief asserts.
They argue that the IEEPA was meant to &#8220;limit,&#8221; not expand, executive power, citing legal doctrines that limit presidential authority without clear congressional approval.
SEE ALSO:&nbsp;<a href="https://benzinga.com/markets/tech/25/07/46334695/mark-zuckerberg-once-revealed-that-getting-into-harvard-made-his-mom-and-dad-prouder-than-building-f" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Once Revealed That Getting Into Harvard Made His Mom And Dad Prouder Than Building Facebook —Spills The Beans On Why No One Talked To Him At His First Class</a>
Why It Matters: This development comes after a federal appeals court&nbsp;allowed Trump&#8217;s tariffs to <a href="https://www.benzinga.com/news/legal/25/06/45877448/appeals-court-allows-trumps-tariffs-to-remain-in-effect-while-it-reviews-the-lower-courts-decision">remain in effect</a>&nbsp;while reviewing the lower court decisions that blocked the duties on constitutional grounds. The&nbsp;U.S. Court of Appeals for&nbsp;the Federal Circuit granted a temporary stay, preserving Trump&#8217;s &#8220;Liberation Day&#8221; tariffs on most trading partners and separate duties on Canada, China, and Mexico.
Meanwhile, Treasury Secretary Scott Bessent has&nbsp;cautioned that countries failing to <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46269036/scott-bessent-says-tariff-rates-set-to-boomerang-back-in-august-for-countries-failing-to-strike-a-deal">negotiate a deal </a>with the U.S. will face a return to higher tariff rates&nbsp;from August 1. The 90-day pause on the &#8220;reciprocal&#8221; tariffs, initially declared on April 2 and paused for 90 days a week later, is scheduled to conclude on July 9. Bessent clarified that the new effective date does not represent a new deadline or an extension of the original timeline.
On the other hand, billionaire investor Ray Dalio&nbsp;warned that Trump&#8217;s latest <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46338641/ray-dalio-says-trumps-tariffs-are-theoretical-warns-they-may-not-bring-manufacturing-back-to-us">round of tariffs</a> could deepen &#8220;stagflation&#8221; and may never deliver on promises to revive U.S. factory floors.
<ul class="wp-block-list">
<li>READ MORE: <a href="https://www.benzinga.com/markets/economic-data/25/07/46288472/japans-prime-minister-criticizes-trumps-tariff-decision-shigeru-ishiba-calls-move-truly-regrettable">Japan&#8217;s Prime Minister Criticizes Trump&#8217;s Tariff Decision: Shigeru Ishiba Calls Move &#8216;Truly Regrettable&#8217; </a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Cato Institute, NCLA Urge Appeals Court To Reject Trump Tariffs Citing Unauthorized Use Of Statute: Report

Advanced Micro Devices shares are trading higher after HSBC upgraded the stock from Hold to Buy and announced a price target of $200.

In a recent interview,&nbsp;UBS Group AG&nbsp;CEO&nbsp;Sergio Ermotti&nbsp;expressed optimism about the U.S. market, despite ongoing tariff uncertainties.
What Happened:&nbsp;Ermotti, during an <a href="https://www.foxbusiness.com/video/6375447767112">interview </a>with Fox Business on Mornings With Maria, pointed out the &#8220;fantastic opportunity&#8221; in the U.S. due to robust wealth creation. &#8220;This&nbsp;is the reason why we&nbsp;keep investing in our franchise,&#8221; he said. Despite short-term uncertainties, Ermotti remains confident that the U.S.&nbsp;will continue to be a&nbsp;lucrative investment destination.
Ermotti highlighted the need for certainty to drive investment and mitigate risk. He believes that once a decision on tariffs is reached, it will lead to a &#8220;new start.&#8221;
Over the past few years, Ermotti has noticed a growing demand for diversification, with the U.S. being the reference economy for investment. He cited&nbsp;the liquidity and depth of&nbsp;liquidity in the U.S. as unmatched.
Ermotti also touched on the impact of regulatory adjustments post the financial crisis, expressing UBS&#8217;s support for a more accommodating regulatory environment. While welcoming easier regulation, Ermotti noted that the current uncertainty is hindering deal execution. However, he&nbsp;signaled that full certainty on&nbsp;tariffs would enhance the&nbsp;U.S. investing environment.&nbsp;
The UBS CEO concluded by expressing confidence in the U.S., stating that the role of the dollar and the U.S. capital markets will likely continue to be leading ones for the foreseeable future.
SEE ALSO:&nbsp;<a href="https://benzinga.com/crypto/cryptocurrency/25/07/46327959/xrp-spikes-3-is-a-breakout-imminent" target="_blank" rel="noreferrer noopener">XRP Spikes 3%: Is A Breakout Imminent? &#8211; Benzinga</a>
Why It Matters: The U.S. market has been under the cloud of tariff uncertainties, as outlined by&nbsp;<a href="https://www.benzinga.com/news/politics/25/07/46313013/trumps-tariff-letters-spark-high-level-of-uncertainity-and-volatility-says-economist-mohamed-el-erian">senior economist </a>Mohamed El-Erian. The Trump administration&#8217;s tariff letters have sparked a high level of uncertainty and volatility, leading to a wait-and-see approach by businesses and investors.
Furthermore,&nbsp;<a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46212534/if-trump-stays-wedded-to-low-rates-idea-us-risks-a-turkey-style-inflation-horror-show-economist-justin-wolfers-warns">Economist Justin Wolfers</a>&nbsp;has warned that President Donald Trump&#8216;s fixation on low interest rates could set the U.S. on a path similar to the inflation crisis that has gripped Turkey.
Despite these challenges, Ermotti&#8217;s confidence in the long-term prospects of the U.S. market reflects the continued appeal of the country as a top investment destination.
Following a knee-jerk reaction upon the announcement of Liberation Day tariffs, the stock markets have now stabilized with the NASDAQ and S&amp;P 500 recording a 4.21% and 3.72% rise, respectively, over the past month.
Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) and Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) climbed 4.13% and 3.47%, respectively, over the last 30 days. 
<ul class="wp-block-list">
<li>READ MORE:&nbsp;<a href="https://benzinga.com/news/topics/25/07/46298465/joe-rogan-says-most-americans-dont-want-manufacturing-jobs-but-the-problem-is-that-for-some-doing-the" target="_blank" rel="noreferrer noopener">Joe Rogan Says Most Americans Don&#8217;t Want Manufacturing Jobs But The &#8216;Problem&#8217; Is That For Some Doing Them Now, &#8216;It&#8217;s Their Entire Identity&#8217;</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

UBS CEO Sees 'Fantastic Opportunity' In US Despite Short-Term Tariff Uncertainty, Suggests Secular Trends Remain 'Intact'

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OSIS

OSI Systems Receives $34M Contract By International Customer For Cargo And Vehicle Inspection Systems

PainReform Ltd. (NASDAQ:<a href="https://www.benzinga.com/stock/PRFX#NASDAQ">PRFX</a>), today announced, through its pharmaceutical division, the signing of a strategic investment agreement with LayerBio Inc., a privately held Boston biotechnology company developing proprietary, long-acting, non-opiate treatments for ophthalmic surgery.
This agreement marks PainReform's plan to strategically expand into ophthalmology through the addition of a new drug delivery platform to its specialty pharma, non-opiate pain management pipeline. While the Company continues to advance its lead candidate, PRF-110, for the treatment of post-operative pain in general surgery, this strategic investment introduces a distinct and complementary technology targeting the high-volume cataract surgery market.
Under the terms of the agreement, PainReform will receive a majority equity stake in LayerBio as well as a majority position on LayerBio's board in consideration for an investment based on the successful achievement of milestones of an aggregate amount of $3 million. LayerBio has agreed that it will use the proceeds from PainReform solely for funding a planned Phase II clinical trial of OcuRing-K under an FDA approved protocol. PainReform&nbsp;shall make an initial investment of $600,000 upon closing and the remainder will be provided in tranches, conditioned on the successful achievement of key development milestones. The management of LayerBio will continue to lead product development and operations, with strategic oversight and monitoring provided by PainReform.
The transaction is expected to close by the end of July 2025, subject to customary closing conditions.
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